The U.S. Senate voted Monday to confirm Janet Louise Yellen as the first female U.S. Treasury secretary, allowing her to quickly work with Congress to advance the Epidemic relief initiative, evaluate U.S. sanctions policy and strengthen financial regulation.
The Senate voted 84-15 to confirm Yellen’s nomination for Treasury secretary, with all votes against coming from Republicans, several of whom expressed concerns about Biden‘s $1.9 trillion epidemic-fighting aid package, taxes and spending plan.
The Senate is expected to receive articles of impeachment against former President Trump on Monday night, a move that also caused some partisan divisions.
U.S. Senate Democratic Leader Chuck Schumer (D-N.Y.) said Yellen made history for the second Time. Seven years ago she became the first woman to serve as chair of the U.S. Federal Reserve (Federal Reserve/FED).
“At the Treasury Department, the long hallway is hung with portraits of all 77 Treasury Secretaries, all the way back to Alexander Hamilton, all men,” Schumer tweeted, “I am pleased to add the first female portrait to the hallway by voting for Yellen today. “
Yellen will play a key role in working with Congress on Biden’s new crown stimulus plan and his commitment to invest $2 trillion in infrastructure, green energy projects, Education and research to improve U.S. competitiveness.
The Treasury Department will oversee Biden’s plans to help fund them by raising the corporate tax rate from 21 percent to 28 percent and by raising taxes on those earning more than $400,000 a year.
Republicans want to return to fiscal conservatism after the Trump presidency ran deficits due to the 2017 tax cuts and nearly $5 trillion in epidemic spending, expressing concern about massive bailouts and expanded debt borrowing.
Yellen told senators at her confirmation hearing last week that “massive action” was needed on new crown bailout spending, saying the economic benefits far outweighed the risk of an increased debt burden.
Yellen also said at her confirmation hearing that she would immediately review the financial sanctions policies implemented by the Trump Administration to ensure that they are used “strategically and appropriately.
The U.S. Treasury announced more members of Yellen’s team on Monday, with the return of some Treasury officials from the Obama administration.
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